SUPERVALU (SVU) Tops Q3 EPS by 14c

SUPERVALU (NYSE: SVU) reported Q3 EPS of $0.61, $0.14 better than the analyst estimate of $0.47. Revenue for the quarter came in at $3.94 billion versus the consensus estimate of $4.01 billion.

"We're pleased to have completed our acquisition of AG Florida early in the fourth quarter," said President and CEO Mark Gross. "The work done in the third quarter concluded with this deal which, combined with the acquisition of Unified Grocers earlier this fiscal year, demonstrates our commitment to the strategic growth of our Wholesale business. Furthermore, we're extremely pleased with the integration work at Unified and the progress made in that market."

"In addition to these recent acquisitions, we continue to achieve strong underlying growth in our Wholesale business," Gross continued. "With the influx of significant new business in certain distribution centers, we experienced a larger-than-anticipated increase in expenses, but we're encouraged by the work we are doing to address those costs and believe they are manageable going forward. We remain committed to investing in our Wholesale business to drive future growth.”

Fiscal 2018 Outlook

Supervalu currently expects net earnings from continuing operations to be in the range of $(20) million to $2 million which includes a non-cash charge of $35 million to $45 million anticipated to be made in the fourth quarter to reduce the carrying value of Supervalu's net deferred tax asset in accordance with the newly enacted tax reform legislation.

Adjusted EBITDA, including the contribution from Unified Grocers and Associated Grocers of Florida, is expected to be in the range of $475 million to $485 million. A reconciliation of projected net earnings from continuing operations to projected Adjusted EBITDA, and certain factors affecting the range of expected earnings, is presented in table 7.

For earnings history and earnings-related data on SUPERVALU (SVU) click here.

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